Kelly and Sigourney of CPEX arranges $6.08 million

Andre Sigourney, CPEX Real Estate

Sean Kelly, CPEX

1275 Broadway - Brooklyn, NY

Brooklyn, NY CPEX Real Estate has recently sold a development site at 1275 Broadway in Bushwick for $6 million. 1275 Broadway, located in a commercial district in Bushwick, has an 11,150 s/f footprint with 37,766 buildable s/f. The property sold for $161 per buildable s/f in an all cash transaction.

The existing one-story, 11,000 s/f retail building was formerly occupied by a Pay/Half department store. The buyer, Kings USA, has plans to develop a mixed-use project on top of the existing retail.

CPEX’s development & conversion and retail investment sales team, led by managing directors Sean Kelly, Esq. and Andre Sigourney, collaborated on the $6.08 million sale. CPEX represented the seller and procured the buyer.

“We anticipate demand for properties in Bushwick to remain strong,” said Kelly. “We received more than 15 offers on this asset, which is unique in that it is block through, provides good frontage on Broadway, and Goodwin Place is an attractive residential block with a mix of new construction and older buildings.”

Added Sigourney, “The increasing strength of the retail on Broadway, and the ability to build residential on the backside of the site facing Goodwin Place, really enhanced our ability to find a developer to pay a premium to acquire the property.”

CPEX has been retained to market for lease the ground floor retail space at 1275 Broadway, which will be available for immediate possession. For details, visit the CPEX website or contact CPEX at (718) 935-1800.